US-based ConocoPhillips said it has cancelled its participation in a new refinery project being built in Yanbu Industrial City in a joint venture with Saudi Aramco to reduce its refinery operations.
The refinery, to be built by the two oil companies in Yanbu Industrial City, Saudi Arabia, was supposed to have a processing capacity of 400,000bpd.
ConocoPhillips refining, marketing and rransportation senior vice-president Willie Chiang said the quality of Saudi Aramco as a partner and significantly reduced capital costs from the recent re-bidding process made it a very difficult decision for the company.
"We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint, however, we value and look forward to continuing our relationship with Saudi Aramco," Chiang said.
